Recent action shows that the USD/CHF extended its bounce from the weekly support level at 0.9770 on Tuesday, bidding daily price above resistance at 0.9864.This has potentially opened up the path north for further buying up to at least the daily supply base coming in at 0.9946-0.9914. Traders should expect some selling pressure to be seen from here. Not only is...
Kicking this morning’s report off from the top, weekly price shows that upside is beginning to wane after shaking hands with a weekly channel resistance taken from the high 1.2673. Regardless of the fact that this barrier was breached back in September, this ascending line has proved worthy in the past and, therefore, may continue to help suppress buying and send...
For those who read our previous report on the USD/CAD you may recall that we were looking to sell the retest of the 1.27 handle. Here’s why:
• Upside remains capped on the weekly timeframe at 1.2778. The current weekly resistance level on the USD/CAD shares a strong history that dates back to early 2004, so it is not one to ignore! Couple this with the fact that...
Following a rather aggressive 60-pip bullish gap on Monday, the USD/JPY extended early gains to a high of 113.08 before losing momentum and tumbling lower into the US segment. The selloff may have something to do with the strong-looking H4 supply at 113.14-112.86 and intersecting round number 113.
The day ended with H4 price closing beneath October’s opening...
The GBP/USD failed to sustain upside beyond 1.35 after reports emerged from the BBC stating not to expect a deal from Brexit talks on Monday. May and Juncker who met on Monday confirmed the headlines, which sent the pair tumbling to lows of 1.3413.
As we write, however, the H4 candles appear to be bolstered by a H4 channel resistance-turned support taken from the...
Weekly gain/loss: -0.36%
Weekly closing price: 0.9758
USD/CHF extended losses last week and marginally closed below weekly support at 0.9770. Before we all get too bearish this market, however, consider the base of weekly demand to the left of current price marked with a green circle at 0.9704-0.9783. This area is the reason we have yet to label the broken...
Weekly gain/loss: -0.24%
Weekly closing price: 1.2683
Upside remains capped on the weekly timeframe at 1.2778, as oil continues to reflect a bullish stance. The current weekly resistance level on the USD/CAD shares a strong history that dates back to early 2004, so it is not one to ignore! Couple this with the fact that last week’s weekly action chalked up a...
Weekly gain/loss: +0.57%
Weekly closing price: 112.16
The USD/JPY has spent the past three weeks plunging from weekly supply at 115.50-113.85. This sustained decline erased October’s gains and punched in a low of 110.84. Last week’s action, however, ran into unexpected support and consequently molded a relatively nice-looking weekly bullish engulfing candle. Is...
Weekly gain/loss: 1.01%
Weekly closing price: 1.3472
The GBP/USD chalked up a fourth consecutive gain last week, increasing its value more than 130 pips. In consequence to this, weekly price concluded the week shaking hands with a weekly channel resistance extended from the high 1.2673. Regardless of the fact that this barrier was breached back in September, this...
Weekly gain/loss: -0.28%
Weekly closing price: 1.1894
Despite registering a loss last week, the single currency remains trading with a reasonably strong bias to the upside. The weekly supply-turned support zone at 1.1880-1.1777, as you can see, kept upside buoyancy intact in the shape of a relatively strong weekly buying tail. For this reason, we believe the...
For those who read our previous report you may recall that we underlined the 1.29 handle/November’s opening level at 1.2892 seen on the H4 timeframe as a prospective base to sell from. Our rational behind selecting this area was largely due to the daily supply area seen at 1.2943-1.2885. The only concern here was the fact that weekly price was (and still is) seen...
Despite an earnest attempt to reach the 0.76 boundary after testing local H4 support at 0.7555, the bulls were unable to muster enough strength to sustain recent gains. Thursday’s action, therefore, concluded with the H4 candles closing just ahead of the noted local H4 support, marginally down on the day. As mentioned in yesterday’s report, we believe this support...
The impact of disappointing German retail sales data caused H4 price to selloff in early London hours and, once again, breach the underside of H4 demand pegged at 1.1836-1.1854. Despite lower-than-expected euro inflation figures, the pair managed to stabilize around the H4 channel support taken from the low 1.1553 (check out the nice-looking H1 pin bar –...
Comprised of a daily support at 0.8745, the lower edge of a daily range at 0.8774 and a daily AB=CD 127.2% ext. point at 0.8805, we have a very tasty area forming on the #EURGBP right now.
With oil prices softening on Wednesday, the USD/CAD pair managed to pop higher for a third consecutive day. The move, as can be seen on the H4 timeframe, cracked through offers around the H4 Quasimodo resistance at 1.2823, reaching a high of 1.2874 on the day. While on the H4 timeframe, upside shows a clear path to November’s opening level at 1.2892, followed...
Kicking this morning’s report off with a quick look at the weekly timeframe, we can see that weekly price looks poised to attack a nice-looking weekly AB=CD (see black arrows) 161.8% Fib ext. point at 0.7496. Not only does this line merge with a weekly 50.0% value at 0.7475 taken from the high 0.8125, it’s also bolstered by a weekly channel support extended from...
There has been a substantial amount of ‘Brexit’ noise this week, consequently providing support to the GBP/USD. Amid Wednesday’s sessions, October’s opening level seen on the H4 timeframe at 1.3367 was consumed, allowing the H4 candles to advance and top just ahead of the H4 mid-level resistance pegged at 1.3450. Alongside this, daily price recently crossed above...
The USD/CAD bulls went on the offensive on Tuesday, eventually breaking through the 1.28 handle and connecting with a H4 Quasimodo resistance planted at 1.2823. The Quasimodo line was highlighted in yesterday’s report as a potential sell zone, but we were looking for H4 price to chalk up a bearish selling wick that pierced through 1.28 and tapped orders around...
